Bermuda Signs Tax Agreement with South Africa

September 9, 2011

Bermuda’s Premier and Minister of Finance the Hon. Paula A. Cox has announced the signing of a bilateral Tax Information Exchange Agreement (TIEA), between Bermuda and the Republic of South Africa.

The agreement, which was signed for South Africa by the Hon. Pravin Gordhan South Africa’s Minister of Finance and by Premier Cox for Bermuda, provides for a full exchange of information on criminal and civil tax matters between the two countries.

Cox stated: ‘The Government of south Africa welcomed Bermuda as a member of the community of nations committed to international cooperation and information on tax matters, and affirms that Bermuda will be treated accordingly by the South African authorities.

‘We will continue to explore further measures to enhance our political and economic relationship including further clarification of elements of double taxation, discrimination and other undesired tax barriers, investment protection and mutual recognition of our stock exchanges. The CEO of the Bermuda Stock Exchange is scheduled to visit South Africa later this year to attend the World Federation of Exchanges Annual General Meeting in Johannesburg.

‘South Africa is an economic powerhouse and the only country on the African continent that is a member of the G20,” she added. “We have opened a window of opportunity to discuss further cooperation that can more directly benefit our domestic and international business.”

Source: Bermuda Government

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